The National tribune., 1887-03-17
POSTAL SAYINGS BANKS.

1t hardly seems worth while to make an
argument in favor of system of Postal Saw
ings Banks, because the system has been so
exhaustively tried in Great Britain and her
colonies, Belgium, Japan, the Netherlands,
France, Russia and Switzerland, and the
results have been so good that the sys-
tenn has long since passed beyond the
stage of experiment. 1t is only question
now whether we will continue to deprive
ourselves of a good thing-one that works
well in every way, and works badly in none.
Great Britain was the first to adopt Pos
tai Savings Bank system, which she did in
1861. 1t was first proposed in 1907, but the
private savings banks and other interests
fought it so resolutely that "a years of agi-
tatiOn intervened before Parliament finally
passed the BILL and the system began opera
tons with savings attachments to 800 post
offices. The first day 435 deposits were
made at these, aggregating SI,436.57. By
the close of the next year there were 2,535
| offices receiving deposits, and the sum of
these was S8,27O,33627. At the close of
1880 there were 6,233 savings bank Offices,
which held S1Gl, $50, 3821O to the credit of
the depOsitors.
| IncalcuIable good to all has resulted from
this. Habits of saving have been fastened
upon the entire people, frugaIity and thrift
have taken the place of careless waste; the
comfort and health of the poor have been
greatly promoted, and vast amount of capt.
tai has been gathered where it is available
for the promotion of important enterprises
So far from the savings banks being ruined
as they dreaded-they have been greatly
benefited. The habit of saving induced by
the system has redOunded to their good, for il
1880 they had more than $1O,OOO,0OO more
on deposit than when the Postal Savings
system was inaugurated.
The main features of the British system
are these:
/. Deposits must not be less than one shill
ing (25 cents.) Nor can more than ESQ $3.50
be deposited in one year. When the deposits
reach 81 ($5) or more, interest is allowed a
the rate of q per cent. per annum.
2. At every postofice blank forms arr
furnished, free of charge, upon which can b
placed IL penny q eents) stamps. Wher
this card is filed up it represents shilling
deposit. 1t is passed in, the stamps can
celed, and the shilling placed to the depOs
itOr's credit.
3. Every depositor gets book, which
enables him to draw his money or max
new deposits in any Postal Savings Bank.
T. No depositor can have standing to hi
credit more than G2OO $1,000.
The marvellous success of the system in
duced other countries to try it, and simila
success has attended it in Canada, Australia
Belgium, Japan. Italy, the Netherland:
France, Russia and Switzerland, which too
it up in the order named.
The bill which was introduced into th
last Congress by Representative Lacey con
templated the substantial adoption of tn
British system. 1t proposed to make ever
money-order postOfiee savings depository
1t provided that the depositor should nc
; open his account with less than 50, shout
D not deposit more than 800 in any on
8 month, and should not have at any tim
8 more than $500 on deposit. Ten cent "posti
savings stamps" were to be issued, to
3 affixed to postal savings cards" and cal
: celled. When these reached So that sui
T was to be credited to the deposition on b
= pass-bOok. But small interest, if any, W;
n to be paid on deposits, as most of the earl
h ings of the money would be absorbed by Il
a expense of running the system.
e The enactment of such law would pl
e a good reliable savings bank in every vi
, lage in the country. There are over so
& money-order Offices, which would nal
II about one for every 1900 people. At presel
e there are probably not more than 1000 sa
1t ings banks in the country, and these are q
3 located in cities and towns of considerab
a size, leaving four-ffths of the populate
n without any such institutions. Sayin;
/ banks should certainly be as accessible
Is saloons, and it ought to be made as easy
Z man to put dime on deposit as it is no
g for him to pay it out for glass of whisk
IT This would be accomplished by the passa
e of this bill by the next Congress, a thing tn
d we sincerely hope to see.